Hey there, I’m Melisa Meral from Pro Organizer Bootcamp and today I’m talking all about the importance of setting up a business banking account! As you’re growing your home organizing business, it’s SO important to separate your personal finances from your business finances. Especially once you designate your business entity and move out of organizing as a passion project or hobby, into an actual real life business or side hustle! You can refer to the Top 10 Tax & Accounting Tips video that I did with my own accountant and tax expert– I’ll link it here in the cards up above if you’d like to watch that video next.
But let’s dive into my favorite mobile business banking platform, which is called Lili! Lili is a mobile banking app designed for freelancers (and home organizers just like you)! They offer banking services provided by Choice Financial Group Inc., which is a Member of the FDIC. Lili customers can choose between a Lili Pro or Basic checking account, which comes with their signature chic black Visa business debit card.
I was personally a little hesitant to have a mobile-only banking experience, because I’m still a little old school in that I like having a bank branch that I can walk into to deposit checks or get cash out. But I finally took the plunge into mobile banking in my personal life a few years ago during covid, when I found it was just so much easier to have everything go through my bank’s app instead of having to take weekly trips into an actual brick and mortar branch. So when I found out about Lili earlier this year as I moved my LLC from California to small town Oklahoma (where banks are scarce anyway), I was THRILLED with the app experience.
Not to mention their colors are also yellow and black which HELLO, clearly I’m here for it. The Lili app helps me classify all of my business expenses into categories with just a single swipe + it notifies me every time there’s a new purchase so that I can monitor my P&L and know what money is coming in vs what money is going out. And I have it tied to my Amazon Business purchases, and my Venmo and CashApp payment processors for clients… so that I don’t get into any trouble come tax time.
I’m not a tax expert or an accountant or an attorney and I can’t give legal advice, but from one professional organizer to another- I think you’ll LOVE having Lili in your back pocket as a business owner! I have peace of mind knowing that I’m doing the right things in my business by having every cent go through my business checking account, vs co-mingling personal with business expenses and transactions… which I think we’re all guilty of when just starting our home organizing journeys – because we simply don’t know any better!
If you’d like to check out Lili, head to https://lili.pxf.io/proorganizerbootcamp if you’d like give them a try!
As always, I’m cheering you on and thank you for being part of the Pro Organizer Bootcamp community! Cheers to your success.